Sam, age 45, is single. For 2017, he has the following items: Business income ................................................. $70,000 Business
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Sam, age 45, is single. For 2017, he has the following items:
Business income ................................................. $70,000
Business expenses ............................................. 75,000
Alimony paid ....................................................... 12,000
Interest income ................................................... 3,000
Itemized deductions ........................................... 8,000
a. Determine Sam’s taxable income for 2017.
b. Determine Sam’s NOL for 2017.
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Related Book For
South Western Federal Taxation Individual Income Taxes 2018
ISBN: 9781337385893
41st Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen
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